Furniture & Fixtures Count as Cost of Improvement for LTCG

Mukut Behari Lal Bhargava Vs ACIT (ITAT Delhi)

Furniture, Fixtures = Cost of Improvement: Delhi ITAT Allows Capital-Gain Deduction

Assessee, an individual, declared income of Rs.1,20,41,040. AO completed assessment at Rs.1,79,36,182 by disallowing: (i) Rs.7,80,526 towards cost of improvement in computation of LTCG, (ii) set-off of brought-forward capital losses (STCL of Rs.3,09,191 & LTCL of Rs.21,71,686), &  (iii) deductions u/s 80G/80GGA on donations of Rs.2,36,35,657 to Letz Dream Foundation &  Rs.20,00,000 to Parivaar Education Society. Ld.

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